Emaar Development records $1.18bn property sales in Jan-Sept period
DUBAI, November 11, 2020
Emaar Development, the leading property and lifestyle developer in the region majority-owned by Dubai-based Emaar Properties, has registered property sales of Dh4.343 billion ($1.18 billion) for the January-September period despite the Covid-19 pandemic challenges.
Announcing the financial results for the first nine months, Emaar Development said its net profit hit AED1.359 billion ($370 million), underlining its strong financial fundamentals.
In a sign the property market is starting to recover, Emaar achieved month-on-month growth in sales throughout the third quarter of 2020 (July to September). Emaar now has a healthy sales backlog of AED 27.154 billion ($7.393 billion).
The resilient financial performance was supported by Emaar’s focus on inventory sales of under-construction projects and continued construction progress on sites amidst the pandemic, with an unwavering commitment towards handover.
Commenting on the results, Founder Mohamed Alabbar said: "Emaar Development remains strongly committed to the delivery of homes and maintaining the highest quality of living experiences for our homeowners. This is the DNA of our business and the key to our resilient financial performance amid challenging market conditions."
"Through our various initiatives and digital platforms, we continue to support our customers in meaningful, human, and relevant ways," he stated.
"Additionally, we continue to safeguard our stakeholders’ interest by maintaining a firm grasp on our cost base, reducing our operational costs and effectively managing our risks," he added.
Emaar Development has completed over 2,500 residential units in 2020 across prime locations, including Dubai Hills Estate, Dubai Creek Harbour, Arabian Ranches and Emaar South.
As of October 2020, Emaar has handed over more than 45,000 residential units, while more than 28,000 residences are currently under development in the UAE.
Throughout Q3 2020 (July-September), Emaar Development has continued to support its customers through several remarkable initiatives and customer-centric features.
Its most recently launched digital initiatives include an expansion of services offered through its Emaar One app, including personal care services, which helped to encourage people to stay at home during the early stages of Covid-19.
Emaar Development generated over 10% in savings in utilities through a focus on energy and sustainability across all aspects of its operations.
Emaar also integrated its community management system with Dubai Land Department’s e-system Mollak, which regulates and monitors the payment of service charges in jointly-owned properties in Dubai.-TradeArabia News Service
